Travelers' checks refer to special checks issued by banks or travel agencies for the convenience of tourists or business travelers. The tourism industry in Western countries is developed, and the business of handling travellers' checks is highly profitable, so banks and travel agencies in Western countries widely offer this business. In order to prevent fraudulent claims and ensure safety, users of traveler's checks must sign on the face of the check twice. The specific procedure is: When purchasing a traveler's check from the issuing bank, it must be signed in person, which is called "initial signing"; when cashing cash from a local bank at the travel destination, the check must be signed and stamped twice in person. It can be redeemed only after verification. Basic introduction Chinese name: Traveler's check Category: Fixed amount cashier's check Function: Specially used for travelers to purchase and pay for travel expenses Features: No designated payment place and bank introduction, features, selection, purchase, redemption, use, exchange, loss reporting, advantages, Redeem, sell on behalf of others, report loss compensation, clever methods, friendly reminders, Introduction Traveler's check is a fixed-amount cashier's check, which is specially used for travelers to purchase and pay for travel expenses. It is different from ordinary bank drafts and checks in that travel Checks have no designated payment place or bank, and are generally not subject to date restrictions. They can be used all over the world. Customers can exchange cash or use them directly at major foreign banks, international hotels, restaurants and other consumption places at any time. It is a popular choice for international travel. One of the commonly used payment vouchers. Travelers' checks are a type of instrument that is widely accepted around the world and are as liquid as cash in many countries and regions. Not only do many shopping malls and hotels support the payment of travellers' checks, they can also be exchanged for local currency at the place of travel. use. Characteristics of Travelers' Checks (1) Fixed denominations. Various travellers' checks have different fixed denominations and look like cash, such as travellers' checks in denominations of US$10, US$20, US$50, US$100, US$500, US$1,000, etc. You can spend it sporadically when using it, which is more convenient than a bank draft. (2) Convenient redemption: In order to expand its circulation area, the issuer has appointed many redemption agencies in major cities and tourist destinations around the world, which greatly facilitates tourists' redemption. When the holder of the traveler's check travels with him, he can not only redeem the check at the issuing bank's cashing bank, but also redeem it at any time at travel agencies, hotels, airports, stations and other places. (3) When purchasing a traveler's check with a safe traveler, he or she must sign the original signature of the traveler's check in person at the counter of the selling bank as a reserved signature. When withdrawing the money, a duplicate signature of the traveler's check must be made in person at the counter of the cashing bank. After signing for the second time, payment can be made only after the paying bank verifies that the initial signature and the second signature are consistent. Therefore, if travellers' checks are lost or stolen, they are less likely to be fraudulently claimed and are safer than carrying cash. (4) According to the regulations of the issuing agency for loss report and compensation, if a traveler’s check is accidentally lost or stolen, an “application for loss and refund” can be submitted. As long as the relevant regulations of the issuing agency are complied with, the person reporting the loss can get a refund or a new traveler’s check reissued. . (5) Long circulation period. Most traveler's checks do not have a specified circulation period and can be used for a long time. They have the feature of "pay on sight". The holder can withdraw money immediately by presenting the check at the issuing institution's foreign redemption agency. Choose to buy the right traveler's checks. Currently, the globally accepted types of traveler's checks include American Express (AMERICAN EXPRESS), VISA, Travelex, MASTERCARD, Citi and other brands, and the above-mentioned traveler's checks with the words Bank of China printed on them can be redeemed at more than 800 traveler's check cashing banks around the world. , or used directly in large shops and hotels in various countries. Among them, American Express Traveler's Checks can be purchased at more than 2,000 bank branches in mainland China. Cooperating banks include Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Everbright, CITIC, and Communications. It is recommended to make phone inquiries before purchasing. Travelers' Checks Like cash, travellers' checks come in different denominations. Take U.S. dollar checks as an example, they are divided into 20 yuan, 50 yuan, 100 yuan, 500 yuan, and 1,000 yuan. In addition to the most commonly used U.S. dollar travelers' checks, customers can also buy travelers' checks in euros, pounds, yen, Australian dollars and other currencies at Bank of China Shanghai Branch as needed, avoiding unnecessary exchange rate losses caused by exchanging local currencies. . Among them, American Express traveler's checks are currently issued in 7 currencies and more than 20 denominations in mainland China, including US dollars, euros, Canadian dollars, Australian dollars, and Japanese yen. According to regulations, domestic resident individuals can use funds in foreign exchange deposit accounts or foreign currency cash to purchase foreign currency traveler's checks, and they can also use funds in RMB accounts or RMB cash to purchase foreign currency traveler's checks.

Residents of this city can use funds in their foreign exchange accounts at major banks to purchase travel worth less than US$50,000 (including US$50,000) with their valid identity certificates, passports with valid visas for the countries or regions they are traveling to, or passes for Hong Kong and Macao. Cheque. If there is no foreign currency, citizens can go through the procedures for purchasing traveler's checks in RMB in accordance with the "Implementation Rules for the Administration of Individual Foreign Exchange Purchases by Domestic Residents" and other relevant regulations within the amount of foreign exchange for private purposes. Purchasing procedures for traveler's checks: The customer presents his/her identity document, passport (or pass to Hong Kong and Macao) with a valid entry visa to the country or region, and foreign exchange (banknotes), and fills out a multi-copy purchase contract to apply to the bank for payment in cash. When purchasing traveler's checks with an equivalent value of less than US$10,000 (including US$10,000) using banknotes (exchange), you must provide documentation proving the legal source of foreign exchange when purchasing cash in foreign currency, and make an initial signature on the purchased traveler's check and keep it properly. The purchase contract is returned in single form. Cashing of traveler's checks: Customers can go to the bank to handle the cashing procedures with their personal identity documents and traveler's checks. If the value is equivalent to US$5,000 to less than US$10,000, they are also required to provide a purchase contract or shopping invoice, and fill in the "Reason for Payment" Form", the bank handles payment directly. For items equivalent to US$10,000 (inclusive) or more, the customer needs to go through collection procedures, and the bank will collect the money from the traveler's check issuing institution, and the customer will be notified of the payment after receipt. Use of traveler's checks: When using traveler's checks for consumption or cash exchange, customers can make small-amount payments (equivalent to less than 5,000 US dollars) or Withdraw cash. Exchange Types of travellers' checks to be exchanged: Travelers' checks sold by Thomas Cook, Barclays, American Express, Citi bank, Sumitomo Bank of Japan and other banks. Reporting the loss of traveller's checks and compensation: Customers directly contact the traveler's check issuing agency and go to the designated bank to handle the compensation procedures for traveller's checks as required. Customers must present their identity documents, fill out the "Travelers' Check Compensation Application Form" and a new traveler's check purchase contract, sign the newly purchased traveler's checks for the first time, and properly keep the purchase contract receipt and "Travelers' Check Compensation Application" surface". Advantages: Complete denominations: For example, the maximum denomination of US dollars is US$1,000, and the minimum denomination is US$20. Various currencies: People can choose different currencies according to the different regions they are going to. Easy to use: It can be exchanged for cash at major banks and exchange outlets around the world; it can be paid directly at international hotels, restaurants, schools and other consumption places without paying any fees; it can be used completely like cash in the United States, and you can even buy a newspaper . Safety is more guaranteed: If a traveler's check is accidentally lost or stolen, you can handle loss reports, claims and emergency compensation; in the event of an accident, you can also apply for medical and other emergency assistance services provided by the traveler's check issuing agency. No expiry date: Travelers' checks are permanently valid. If they are not used up after one purchase, they can be reserved for the next time you leave the country. Reasonable fees, easy to enjoy convenience and security. Cashing (1) Types of traveler's checks cashed by banks: VISA, MASTER, Citicorp, International Express and other traveler's checks. (2) Applicable objects: Individual customers and corporate customers. (3) Redemption procedure: You can request to redeem travellers’ checks at any branch or outlet of our bank. (4) Redemption procedures: a. Provide your passport and purchase contract; b. Re-sign in person at the designated location on the check. If you already have one, To re-sign, please re-sign on the back of the check in person. (5) Our bank will not process the payment under any of the following circumstances: a. Travelers' checks without initial signature; b. Transferred travellers' checks; c. Travelers' checks that have a specified validity period but have expired; d. Restricted to the pound sterling zone and francs. (6) Cashing fee for travellers’ checks with restricted redemption terms in certain areas or other places: a discount of 7.5‰ will be deducted based on the face value of the travelers’ check. Agency sales The agency sales of travellers' checks refers to the business of Agricultural Bank of China selling travellers' checks on behalf of travellers' check issuers. After collecting the money from the customer, the traveler's check is sold to the customer and the money is paid to the traveler's check issuer. (1) Types of traveler's checks sold: Agricultural Bank of China sells two types of traveler's checks with the largest circulation in the world: American Express (AE) and International Payments Organization (VISA) US dollar and euro traveler's checks. Denominations are available in 20, 50, 100, 500, and 1,000.

(2) Fee: A handling fee is charged at 1% of the face value. For purchases with a face value of more than US$30,000, the handling fee is calculated at 5‰. (3) Service target: individual customers, corporate customers (4) Purchase program a. Provide passport and valid visa b. Pay the foreign exchange payment and handling fee required to purchase traveler's checks c. You must fill in a purchase contract and fill in the other Name, passport number, address, and signature. d. To ensure the safety of your funds, you must sign the initial signature of the traveler's check in person when purchasing, and do not sign again before cashing (5) Things to note when using traveler's checks a. When you use traveler's checks, unless you exchange it , consume or transfer traveler's checks, otherwise do not double-sign on the traveler's check b. It is best to keep your purchase agreement and passport separately from the traveler's check, so that you can handle the loss report and compensation procedures if the traveler's check is lost c. In case of filling in errors, If the traveler's check is damp, moldy, damaged or incomplete, you can go to the bank to fill out a cancellation certificate and cancel the traveler's check. Report the loss and compensate for the loss (1) Once a traveler's check is lost or stolen, you can immediately contact the traveler's check issuing agency 24 hours a day in major cities around the world. The service hotline will contact its compensation center and notify the stolen check number, amount and related circumstances. (2) Follow the instructions of the Compensation Center to go to the nearest agency bank to handle the loss reporting procedures and fill in the traveler’s check loss reporting form. (3) You must provide the original purchase contract and identity document to the sales agency. After verification by the sales agency and obtaining authorization from the compensation center, you can obtain a new purchase contract and a new traveler's check. (4) Compensation cannot be applied for the following circumstances: the original purchase agreement cannot be provided; the application exceeds the limit; the lost check has not been signed initially or has been re-signed before being lost. (5) In the agency traveler’s check compensation business, our bank does not provide cash compensation in principle, nor does it provide traveler’s check compensation in a different currency than the lost check. Smart ways to use it: Many banks in China have service outlets for travelers checks, such as ICBC, Bank of China, Agricultural Bank of China, Bank of Communications, China Everbright, Industrial Bank, etc. In the traveler's check business, the most common one is the Express Traveler's Check issued by American Express Company. Recently, American Express has also launched activities with discounts on handling fees for purchasing travellers' checks at ICBC and China Everbright Bank. After purchasing foreign exchange at China Everbright Bank, if you purchase American Express Travelers Checks in any currency, the handling fee will be waived if the amount reaches US$1,000, and there will be a 20% discount on the handling fee for purchases below US$1,000. After handling the private purchase of foreign exchange at Industrial and Commercial Bank of China (601398 Quotes, Stock Bar), the handling fee for purchasing U.S. dollar traveler's checks exceeding $500 is waived, and the handling fee for purchasing U.S. dollar traveler's checks less than $500 is halved. In fact, for most travellers' checks, there is no limit on the use period. Any unused traveler's checks can be kept for future travel or business trips. This is the same as cash, but travelers' checks do not earn any interest. Traveler's Checks So, is it possible to transfer excess traveler's checks to someone else? According to the regulations on the use of travellers' checks, individuals can also receive and pay travellers' checks from others, but transferred travellers' checks can only be cashed at banks and deposited into their own bank accounts, and cannot be directly used for shopping, currency exchange and other payment services. However, the reporter learned that domestic banks do not support the collection business of transferred traveler's checks. Therefore, in order to prevent unnecessary trouble, it is recommended that you transfer your own traveler's checks with caution or accept transfers of traveler's checks from others. If you don’t want to continue to keep travellers’ checks, you can also redeem travellers’ checks (collection) at banks in China. Generally speaking, travellers’ checks can be cashed in the currency you need, but the currency that can be exchanged must be It depends on the specific regulations of each bank. When cashing travellers' checks, most banks require a cashing fee of 0.75% of the cashed amount. There are some tips to avoid this fee. Each traveler's check issuing company has some free cashing outlets in the country. Taking American Express as an example, a small number of Bank of Communications and Citibank outlets in Shanghai and Beijing provide free cashing services for travellers' checks. The free cashing service of Bank of Communications is limited to cashing travellers' checks in US dollars into RMB. If you have extra traveler's checks and want to avoid paying handling fees, you might as well go to these outlets to cash them.

Friendly reminder to carry traveler's checks in the currency of the destination. Keep the traveler's check purchase agreement and traveler's checks separately. When purchasing traveler's checks, you should do the initial signing in front of a bank teller immediately when going abroad. Remember to bring the purchase agreement with you in case of emergency. If you are traveling to different countries and regions to report loss and claim, it is recommended to carry traveler's checks in a wider range of currencies and with larger denominations. Traveler's Check Loss Report and Compensation Hotline If your traveler's check is accidentally lost or stolen, please call the traveler's check issuer or go to the local bank to report the loss as soon as possible in order to obtain corresponding compensation.